Tiffany & Co tempered its yearly profit forecast on Friday after its holiday sales fell unexpectedly as Chinese tourists spent less globally and the U.S. luxury jeweler faced softer demand in Europe and at home.

Swiss watchmakers are starting to see signs of slowing spending from Chinese tourists, but are still banking on demand shifting to mainland China to fuel growth this year, several high-end brands said on Monday.

Moynat creative director Ramesh Nair suffers from a beautiful craze, ideal for a designer; product mania. He built Moynat into a symbol of luxury elegance, and has just launched a new capsule, Bad Dreams.

Visa and Mastercard have offered to cut merchants' charges for non-EU credit and debit cards by at least 40% to end an EU antitrust investigation, part of a long crackdown by the European Commission against such fees.

Tiffany & Co’s sales in the United States and Hong Kong took a hit in the latest quarter as Chinese tourists spent less than expected, sending the jewelry maker’s shares down nearly 8 percent on Wednesday.